ABU DHABI, 26th March 2018 (WAM) — The Abu Dhabi Chamber of Commerce and Industry and the Korean International Trade Alliance, KITA, today signed a Memorandum of Understanding, MoU.
The MoU was signed by Mohammed Hilal Al Muhairi, Director-General of Abu Dhabi Chamber, and Kim Young Ju, CEO of KITA.
Al Muhairi said that KITA is a leading institution with thousands of members working under its umbrella, adding that small and medium-sized enterprises, SME, in Abu Dhabi can benefit from its expertise.
The Chamber Director-General highlighted the importance of promoting bilateral economic and investment ties between Abu Dhabi and South Korea, in light of their increasing annual trade and the emirate’s efforts to attract more private sector investment.
Kim highlighted the importance of signing the MoU, which will promote cooperation between KITA and the Chamber in exchanging knowledge and organising delegations, conferences and exhibitions, which will benefit the business communities of both countries.
He added that the MoU should help overcome the obstacles facing entrepreneurs and companies and boost their confidence in investing in either country.
The MoU stipulates that both parties will promote trade and industrial relations among their business communities, based on cooperation and mutual benefits while encouraging trade delegations and assisting in the organisation of trade and promotional activities.
The two parties will provide relevant information, organise training programmes and seminars, and facilitate meetings between visiting trade delegations and representatives of related local sectors.
The MoU stipulates that both parties will provide the necessary support and exchange relevant information on the organisation of trade exhibitions and commercial promotions in their local markets.
Both sides will also exchange information about their markets and periodical publications on key economic and commercial topics that could affect business activities in both countries while helping to overcome any trade obstacles.